sebi:WTM/AB/WRO/WRO/21135/2022-23
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Facts / Headnote
Violation found; refund of fees, escrow deposit of balance, asset restraint and 6-month securities market debarment ordered
Provisions invoked
- s. 19
- s. 12(1)
Regulations
- Reg. 3(1)
- Reg. 2(1)(m)
Parties
- M/s. Future Plus Services
- Manish Parihar
Holding
Future Plus Services and its proprietor Manish Parihar acted as unregistered investment advisers in violation of Section 12(1) of SEBI Act, 1992 read with Regulation 3(1) of the IA Regulations, 2013, and were directed to refund client money, deposit any balance with SEBI, and were debarred from the securities market for six months.
Full text
Final Order in the matter of M/s. Future Plus Services, Prop. Manish Parihar Page 2 of 10 through CISCO WebEx platform. At the personal hearing, Shri Parihar was advised to file his reply/written submissions within 15 days. However, no reply came to be filed by Shri Parihar. Vide his email dated May 30, 2022, Shri Parihar submitted that he had closed the business four years ago and he had no record regarding the activities carried out in that business. I note that since no written reply has been filed by the Noticees, I shall now proceed to examine the allegations made in the SCN against the Noticee, on the basis of the material available on record, including the oral submissions made by the Noticee at the time of personal hearing.
Final Order in the matter of M/s. Future Plus Services, Prop. Manish Parihar Page 3 of 10 8. Future Combo 9. Profit Call
Final Order in the matter of M/s. Future Plus Services, Prop. Manish Parihar Page 4 of 10 aforesaid three bank accounts of the Noticee, it is observed that there are large number of credit entries from several individuals. In view of the above, I find that the Noticee was engaged in offering investment advisory services to clients/ investors for a consideration, without obtaining registration from SEBI. I also note that despite being asked to show cause, the Noticee has been unable to explain the source of the credit entries in the aforesaid bank accounts. Thus, I am inclined to hold that the credit entries in the said three bank accounts aggregating to an amount of Rs. 77,75,753.72/- are pertaining to funds received by the Noticee from clients/ investors while offering the unregistered investment advisory services.
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Source: SecMarx — sebi:WTM/AB/WRO/WRO/21135/2022-23. AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (bench, timelines, appeal chain) is cited to us.